6 Aug 2012
COMMISSIONER OF INLAND REVENUE V NEWMARKET TRUSTEES LIMITED COA CA158/2011
- Citation
- COA CA158/2011
- Court
- Court of Appeal
The Court of Appeal allowed the appeal, holding the High Court erred in declining to order liquidation under s241(4); an insolvent corporate trustee should as a general rule be put into liquidation to protect trust administration and beneficiaries and to allow a liquidator or the Court to manage replacement of trustees; the High Court had given undue weight to practical inconvenience and accepted professional practice of assetless trustee companies, overlooking trustee law principles and public interest; matter remitted to High Court to obtain required documents and appoint liquidator.